EURJPY - Bullish setup in the works

FX:EURJPY   Euro / Japanese Yen
After breaking to new lows price found resistance at previous support, which has confluence with the 50% Fibonacci level.

However, the trend did not continue, forming a higher low. Price has again come into this area of support formed by the higher low, forming a double bottom on the hourly chart (not shown).

A long trade here has two nice targets: the recent high at the 50% Fib and then the 61.8% Fib which has confluence with the 127% Fib level.

It could be the start of some consolidation, so caution is advised.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out